BlackRock, Inc. Financial Statements — BLK Stock

Income Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Sales/Revenue/Turnover	8,612	9,081	9,337	10,180	11,081	11,401	12,261	13,600	14,198	14,539	16,205	19,374	17,873	17,859	20,407
- Cost of Revenue	4,100	4,229	4,297	4,622	4,997	5,229	6,243	6,811	6,993	7,133	7,939	9,655	9,189	9,277	10,321
+ Cost of Goods & Services	4,100	4,229	4,297	4,622	4,997	5,229	6,243	6,811	6,993	7,133	7,939	9,655	9,189	9,277	10,321
+ Sales & Services Revenue	8,612	9,081	9,337	10,180	11,081	11,401	12,261	13,600	14,198	14,539	16,205	19,374	17,873	17,859	20,407
Gross Profit	4,512	4,852	5,040	5,558	6,084	6,172	6,018	6,789	7,205	7,406	8,266	9,719	8,684	8,582	10,086
- Operating Expenses	1,514	1,571	1,516	1,577	1,560	1,508	1,385	1,522	1,688	1,771	1,953	2,231	2,208	2,249	2,548
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	160	156	174	192	193	152	99	89	50	97	106	147	151	151	291
+ Selling, General & Admin	1,354	1,415	1,342	1,385	1,367	1,356	1,286	1,433	1,638	1,674	1,847	2,084	2,057	2,098	2,257
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	2,998	3,281	3,524	3,981	4,524	4,664	4,633	5,267	5,517	5,635	6,313	7,488	6,476	6,333	7,538
- Non-Operating (Income) Loss	-23	146	54	8	129	62	178	8	139	-152	-211	-685	186	-822	-757
+ Interest Expense, Net	121	142	179	189	203	178	165	156	80	106	143	118	60	-181	-229
+ Interest Expense	150	176	215	211	232	204	205	205	184	203	205	205	212	292	538
- Interest Income	29	34	36	22	29	26	40	49	104	97	62	87	152	473	767
+ Other Non-Op (Income) Loss	-144	4	-125	-181	-74	-116	13	-148	59	-258	-354	-803	126	-641	-528
Pretax Income	3,021	3,135	3,470	3,973	4,395	4,602	4,455	5,259	5,378	5,787	6,524	8,173	6,290	7,155	8,295
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Income Tax Expense (Benefit)	971	796	1,030	1,022	1,131	1,250	1,289	270	1,076	1,261	1,238	1,968	1,296	1,479	1,783
Income (Loss) from Cont Ops	2,050	2,339	2,440	2,951	3,264	3,352	3,166	4,989	4,302	4,526	5,286	6,205	4,994	5,676	6,512
- Net Extraordinary Losses (Gains)	-26	4	-36	38	-60	14	-4	74	-6	100	708	608	-368	348	286
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-26	4	-36	38	-60	14	-4	74	-6	100	708	608	-368	348	286
Income (Loss) Incl. MI	2,076	2,335	2,476	2,913	3,324	3,338	3,170	4,915	4,308	4,426	4,578	5,597	5,362	5,328	6,226
- Minority Interest	13	-2	18	-19	30	-7	2	-37	3	-50	-354	-304	184	-174	-143
Net Income, GAAP	2,063	2,337	2,458	2,932	3,294	3,345	3,168	4,952	4,305	4,476	4,932	5,901	5,178	5,502	6,369
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	2,063	2,337	2,458	2,932	3,294	3,345	3,168	4,952	4,305	4,476	4,932	5,901	5,178	5,502	6,369
Basic Weighted Avg Shares	191	185	176	171	169	167	165	163	161	157	154	153	151	149	150
Basic EPS, GAAP	10.78	12.63	13.99	17.16	19.5	20.02	19.19	30.42	26.75	28.57	32	38.61	34.31	36.85	42.45
Basic EPS from Cont Ops	10.72	12.64	13.89	17.27	19.32	20.06	19.18	30.65	26.73	28.89	34.3	40.6	33.09	38.02	43.4
Diluted Weighted Avg Shares	193	188	179	175	172	170	167	165	163	158	155	155	152	151	152
Diluted EPS, GAAP	10.66	12.44	13.75	16.8	19.17	19.71	18.94	30	26.48	28.31	31.72	38.06	33.97	36.51	42.01
Diluted EPS from Cont Ops	10.6	12.45	13.65	16.91	19	19.75	18.93	30.23	26.46	28.63	34	40.03	32.76	37.66	42.95
EBITDA	3,308	3,580	3,819	4,272	4,802	4,959	4,896	5,507	5,737	5,931	6,671	7,903	6,894	6,760	8,067
EBITDA Margin (%)	38.41	39.42	40.9	41.96	43.34	43.5	39.93	40.49	40.41	40.79	41.17	40.79	38.57	37.85	39.53
EBITA	2,998	3,281	3,524	3,981	4,524	4,664	4,633	5,267	5,517	5,635	6,313	7,488	6,476	6,333	7,538
EBIT	2,998	3,281	3,524	3,981	4,524	4,664	4,633	5,267	5,517	5,635	6,313	7,488	6,476	6,333	7,538
Gross Margin (%)	52.39	53.43	53.98	54.6	54.9	54.14	49.08	49.92	50.75	50.94	51.01	50.17	48.59	48.05	49.42
Operating Margin (%)	34.81	36.13	37.74	39.11	40.83	40.91	37.79	38.73	38.86	38.76	38.96	38.65	36.23	35.46	36.94
Profit Margin (%)	23.95	25.74	26.33	28.8	29.73	29.34	25.84	36.41	30.32	30.79	30.44	30.46	28.97	30.81	31.21
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	4.06	5.48	6.03	6.84	7.92	8.84	9.36	10.21	12.23	13.38	14.67	16.66	19.81	20.33	20.67
Depreciation Expense	310	299	295	291	278	295	263	240	220	296	358	415	418	427	529

Balance Sheet	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Current Assets	5,705	28,219	32,438	30,911	45,095	40,834	37,090	35,420	29,800	23,474	28,706	20,193	18,221	19,378	25,186
+ Accounts & Notes Receiv	2,245	3,741	4,514	4,572	5,440	3,267	3,123	4,192	2,657	3,179	3,535	3,789	3,618	4,121	4,449
+ Accounts Receivable, Net	2,095	1,960	2,250	2,247	2,120	2,237	2,115	2,699	2,657	3,179	3,535	3,789	3,264	3,916	4,304
+ Loans Receivable, Net	- -	1,639	2,264	2,325	3,320	1,030	1,008	1,493	2,680	- -	- -	- -	354	205	145
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	150	142	- -	- -	- -	- -	- -	- -	-2,680	- -	- -	- -	- -	- -	- -
+ Cash, Cash Equivalents & STI	3,460	3,560	4,903	4,551	6,001	6,231	6,175	7,038	6,488	4,829	8,664	9,323	8,747	10,607	14,585
+ Cash & Cash Equivalents	3,460	3,560	4,903	4,551	6,001	6,231	6,175	7,038	6,488	4,829	8,664	9,323	7,416	8,736	12,762
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1,331	1,871	1,823
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	- -	20,918	23,021	21,788	33,654	31,336	27,792	24,190	20,655	15,466	16,507	7,081	5,856	4,650	6,152
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	172,754	151,677	168,013	188,962	194,697	184,427	183,087	184,821	129,773	145,148	148,276	132,455	99,407	103,833	113,429
+ LT Investments & Receivables	2,852	1,631	1,750	2,151	1,921	1,578	1,595	1,981	4,476	5,489	6,919	7,262	5,690	7,572	7,708
+ LT Investments	2,852	1,631	1,750	2,151	1,921	1,578	1,595	1,981	4,476	5,489	6,919	7,262	5,690	7,572	7,708
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip, Net	428	537	557	525	467	581	559	592	643	715	1,330	2,383	2,547	2,533	2,622
- Accumulated Depreciation	426	483	572	611	587	570	601	658	750	880	1,098	1,256	1,390	1,439	1,553
+ Property, Plant & Equip	854	1,020	1,129	1,136	1,054	1,151	1,160	1,250	1,393	1,595	2,428	3,639	3,937	3,972	4,175
+ Other LT Assets	169,474	149,509	165,706	186,286	192,309	182,268	180,933	182,248	124,654	138,944	140,027	122,810	91,170	93,728	103,099
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Intangible Assets	30,317	30,148	30,312	30,481	30,305	30,495	30,481	30,609	31,365	32,931	32,814	33,804	33,643	33,782	46,692
+ Goodwill	12,805	12,792	12,910	12,980	12,961	13,123	13,118	13,220	13,526	14,562	14,551	15,351	15,341	15,524	25,949
+ Other Intangible Assets	17,512	17,356	17,402	17,501	17,344	17,372	17,363	17,389	17,839	18,369	18,263	18,453	18,302	18,258	20,743
+ Misc LT Assets	139,157	119,361	135,394	155,805	162,004	151,773	150,452	151,639	93,289	106,013	107,213	89,006	57,527	59,946	56,407
Total Assets	178,459	179,896	200,451	219,873	239,792	225,261	220,177	220,241	159,573	168,622	176,982	152,648	117,628	123,211	138,615
+ Payables & Accruals	2,645	945	1,055	1,084	1,035	1,068	880	1,161	1,292	1,167	1,028	1,397	1,294	1,240	1,536
+ Other Payables & Accruals	1,577	22	- -	- -	- -	- -	- -	- -	- -	- -	1,028	1,397	1,294	1,240	1,536
+ Accounts Payable	1,068	923	1,055	1,084	1,035	1,068	880	1,161	1,292	1,167	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	100	100	100	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Borrowings	100	100	100	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	2,745	1,045	1,155	1,084	1,035	1,068	880	1,161	1,292	1,167	1,028	1,397	1,294	1,240	1,536
+ LT Debt	4,537	6,264	8,089	7,308	8,311	4,930	4,915	5,014	4,979	4,955	8,019	9,318	8,489	9,702	14,222
+ LT Borrowings	4,537	6,264	8,089	7,308	8,311	4,930	4,915	5,014	4,979	4,955	7,264	7,446	6,654	7,918	12,314
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	755	1,872	1,835	1,784	1,908
+ Other LT Liabilities	144,843	147,225	165,590	184,811	202,926	190,219	185,038	181,802	119,762	127,571	130,279	103,040	69,060	71,029	73,502
+ Accrued Liabilities	5,477	5,323	5,293	5,085	4,989	4,851	4,840	3,527	3,571	3,734	3,673	2,758	3,381	3,506	3,334
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	139,366	141,902	160,297	179,726	197,937	185,368	180,198	178,275	116,191	123,837	126,606	100,282	65,679	67,523	70,168
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Liabilities	149,380	153,489	173,679	192,119	211,237	195,149	189,953	186,816	124,741	132,526	138,298	112,358	77,549	80,731	87,724
Total Liabilities	152,125	154,534	174,834	193,203	212,272	196,217	190,833	187,977	126,033	133,693	139,326	113,755	78,843	81,971	89,260
+ Preferred Equity and Hybrid Capital	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	22,503	20,276	19,421	19,475	19,388	19,407	19,339	19,258	19,170	19,188	19,295	19,642	19,774	19,835	13,448
+ Additional Paid in Capital	22,502	20,275	19,419	19,473	19,386	19,405	19,337	19,256	19,168	19,186	19,293	19,640	19,772	19,833	13,446
+ Common Stock	1	1	2	2	2	2	2	2	2	2	2	2	2	2	2
- Treasury Stock	111	219	432	1,210	1,894	2,489	3,185	3,967	5,387	6,732	8,009	9,087	10,805	11,991	386
+ Retained Earnings	3,798	5,118	6,473	8,230	10,145	12,033	13,660	16,939	19,282	21,662	24,334	27,688	29,876	32,343	35,611
+ Other Equity	-96	-127	-59	-35	-273	-448	-716	-432	-691	-571	-337	-550	-1,101	-840	-1,178
Equity Before Minority Interest	26,094	25,048	25,403	26,460	27,366	28,503	29,098	31,798	32,374	33,547	35,283	37,693	37,744	39,347	47,495
+ Minority/Non Controlling Interest	240	314	214	210	154	541	246	466	1,166	1,382	2,373	1,200	1,041	1,893	1,860
Total Equity	26,334	25,362	25,617	26,670	27,520	29,044	29,344	32,264	33,540	34,929	37,656	38,893	38,785	41,240	49,355
Total Liabilities & Equity	178,459	179,896	200,451	219,873	239,792	225,261	220,177	220,241	159,573	168,622	176,982	152,648	117,628	123,211	138,615
Shares Outstanding	191	178	171	169	167	166	163	161	159	155	153	152	150	149	155
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	755	1,872	1,835	1,784	1,908
Net Debt	1,177	2,804	3,286	2,757	2,310	-1,301	-1,260	-2,024	-1,509	126	-1,400	-1,877	-762	-818	-448
Net Debt to Equity	4.47	11.06	12.83	10.34	8.39	-4.48	-4.29	-6.27	-4.5	0.36	-3.72	-4.83	-1.96	-1.98	-0.91
Tangible Common Equity Ratio	-2.69	-3.2	-2.76	-2.01	-1.33	-0.74	-0.6	0.87	1.7	1.47	3.36	4.28	6.12	8.34	2.9
Current Ratio	2.08	27	28.08	28.52	43.57	38.23	42.15	30.51	23.07	20.11	27.92	14.45	14.08	15.63	16.4
Cash Conversion Cycle	-4.13	-4.43	-1.72	-3.84	-5.47	-3.65	7.83	9.91	4.83	10.34	48.79	68.99	72.02	73.37	73.51
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
+ Net Income	2,050	2,339	2,440	2,951	3,264	3,352	3,166	4,989	4,302	4,526	5,286	6,205	4,994	5,676	6,512
+ Depreciation & Amortization	310	299	295	291	278	295	263	240	220	296	358	415	418	427	529
+ Non-Cash Items	422	571	64	406	-141	-101	-410	-1,546	-1,500	-1,330	-2,070	-2,334	441	-1,592	-2,261
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	50
+ Deferred Income Taxes	3	-137	-61	-193	-104	-156	-15	-1,221	-226	17	-157	-865	602	124	-106
+ Other Non-Cash Adj	-26	211	-326	151	-490	-459	-916	-867	-1,838	-1,914	-2,535	-2,203	-869	-2,346	-2,958
+ Stock-Based Compensation	445	497	451	448	453	514	521	542	564	567	622	734	708	630	753
+ Chg in Non-Cash Work Cap	-294	-383	-559	-6	-314	-542	-746	267	53	-608	169	658	-897	-346	176
+ (Inc) Dec in Accts Receiv	-319	124	-292	14	78	-82	-65	-521	4	-433	-313	-322	416	-586	-443
+ Inc (Dec) in Accts Payable	-192	-152	114	7	-69	-41	26	308	43	-111	-115	342	-151	-26	259
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Other	217	-355	-381	-27	-323	-419	-707	480	6	-64	597	638	-1,162	266	360
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	2,488	2,826	2,240	3,642	3,087	3,004	2,273	3,950	3,075	2,884	3,743	4,944	4,956	4,165	4,956
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-131	-247	-150	-94	-66	-221	-119	-155	-204	-254	-194	-341	-533	-344	-255
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	-131	-247	-150	-94	-66	-221	-119	-155	-204	-254	-194	-341	-533	-344	-255
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	-527	9	78	-174	162	-37	-256	-383	71	-386	-243	-585	-667	-472	-179
+ Dec in LT Investment	181	213	695	286	654	456	378	166	449	417	187	429	242	400	766
+ Inc in LT Investment	-708	-204	-617	-460	-492	-493	-634	-549	-378	-803	-430	-1,014	-909	-872	-945
+ Net Cash From Acq & Div	-21	- -	-267	-298	- -	-273	-30	-102	-699	-1,510	- -	-1,106	- -	-189	-2,936
+ Cash for Acq of Subs	-23	- -	-267	-298	- -	-273	-30	-102	-699	-1,510	- -	-1,106	- -	-189	-2,936
+ Cash from Divestitures	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	52	34	73	83	143	66	34	32	24	136	183	95	70	46	366
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-627	-204	-266	-483	239	-465	-371	-608	-808	-2,014	-254	-1,937	-1,130	-959	-3,004
+ Dividends Paid	-776	-1,014	-1,060	-1,168	-1,338	-1,476	-1,545	-1,662	-1,968	-2,096	-2,260	-2,547	-2,990	-3,035	-3,101
+ Net Cash From Debt	-2,310	1,304	1,326	-1,260	509	37	- -	-3	40	103	2,296	273	-776	1,179	4,416
+ Cash From Debt	- -	2,096	1,495	- -	1,509	787	- -	697	40	1,103	2,296	1,023	- -	1,238	5,474
+ Repayments of Debt	-2,310	-792	-169	-1,260	-1,000	-750	- -	-700	- -	-1,000	- -	-750	-776	-59	-1,058
+ Cash (Repurchase) of Equity	-258	-2,880	-1,638	-1,236	-1,344	-1,331	-1,399	-1,421	-2,087	-1,911	-1,809	-1,485	-2,332	-1,884	-1,930
+ Decrease in Capital Stock	-264	-2,885	-1,645	-1,243	-1,344	-1,331	-1,399	-1,421	-2,087	-1,911	-1,809	-1,485	-2,332	-1,884	-1,930
+ Increase in Capital Stock	6	5	7	7	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	174	105	428	272	312	706	1,259	456	1,250	1,321	2,017	1,472	656	1,748	2,851
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-3,170	-2,485	-944	-3,392	-1,861	-2,064	-1,685	-2,630	-2,765	-2,583	244	-2,287	-5,442	-1,992	2,236
Effect of Foreign Exchange Rates	-32	2	70	17	-132	-115	-273	192	-93	54	102	-61	-291	106	-162
Net Changes in Cash	-1,309	137	1,030	-233	1,465	475	217	712	-498	-1,713	3,733	720	-1,616	1,214	4,188
Capital Expenditures	-131	-247	-150	-94	-66	-221	-119	-155	-204	-254	-194	-341	-533	-344	-255
EBITDA	3,308	3,580	3,819	4,272	4,802	4,959	4,896	5,507	5,737	5,931	6,671	7,903	6,894	6,760	8,067
EBITDA Margin (%)	38.41	39.42	40.9	41.96	43.34	43.5	39.93	40.49	40.41	40.79	41.17	40.79	38.57	37.85	39.53
Net Cash Paid for Acquisitions	21	- -	267	298	- -	273	30	102	699	1,510	- -	1,106	- -	189	2,936
Free Cash Flow	2,357	2,579	2,090	3,548	3,021	2,783	2,154	3,795	2,871	2,630	3,549	4,603	4,423	3,821	4,701
Free Cash Flow to Firm	2,459	2,710	2,241	3,705	3,193	2,932	2,300	3,989	3,018	2,789	3,715	4,759	4,591	4,053	5,123
Free Cash Flow to Equity	47	3,882	3,416	2,288	3,530	2,820	2,154	3,792	2,911	2,733	5,845	4,876	3,647	5,000	9,117
Free Cash Flow per Basic Share	12.32	13.94	11.9	20.76	17.89	16.66	13.05	23.31	17.84	16.79	23.03	30.11	29.31	25.59	31.33
Price/Free Cash Flow	9.77	7.79	11.42	11.2	15.12	14.26	21.71	17.26	16.68	22.35	25.79	24.79	18.68	26.5	29.83
Cash Flow to Net Income	1.21	1.21	0.91	1.24	0.94	0.9	0.72	0.8	0.71	0.64	0.76	0.84	0.96	0.76	0.78

BlackRock, Inc.

Income Statement

Balance Sheet

Cash Flow Statement